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Risk Behavior of Family Firms: A Literature Review, Framework, and Research Agenda

In: The Palgrave Handbook of Heterogeneity among Family Firms

Author

Listed:
  • Markus Kempers

    (Institute of Family Business)

  • Max P. Leitterstorf

    (Institute of Family Business)

  • Nadine Kammerlander

    (Institute of Family Business)

Abstract

This chapter reviews prior, so far inconclusive, research on the risk behavior of family firms. On the one hand, scholars assume risk-averse behavior of family firms based on agency theory and wealth concentration arguments. On the other hand, scholars predict that family firms are willing to take substantial financial risks to preserve their SEW. By integrating finance, management, and entrepreneurship literature, we show that different underlying definitions of “risk” are key for a better understanding of family firms’ risk behavior and subsequent strategic decisions. We provide a conceptual model, highlight gaps in the existing literature, and propose fruitful areas for further research.

Suggested Citation

  • Markus Kempers & Max P. Leitterstorf & Nadine Kammerlander, 2019. "Risk Behavior of Family Firms: A Literature Review, Framework, and Research Agenda," Springer Books, in: Esra Memili & Clay Dibrell (ed.), The Palgrave Handbook of Heterogeneity among Family Firms, chapter 16, pages 431-460, Springer.
    • Handle: RePEc:spr:sprchp:978-3-319-77676-7_16
    DOI: 10.1007/978-3-319-77676-7_16
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    Cited by:

    1. Zona, Fabio & Pesci, Caterina & Zamarian, Marco, 2024. "CEO risk preferences in family firms: Combining socioemotional wealth and gender identity perspectives," Journal of Family Business Strategy, Elsevier, vol. 15(2).
    2. Sami Basly & Yosra Abdelwahed, 2023. "Commitment to Learning and Open Innovation in Family Firms: Exploring the Moderating Effect of Family-to-firm Identity Fit," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 32(2), pages 420-448, July.

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